A housing slump that began in 2021 has slowed regional governments, homeowners, and businesses that are connected to a business that once made up a third of China’s economy.
Aggrieved buyers in now-worthless “wealth control” materials issued by Evergrande , held demonstrations in late 2021 and early 2022 outside the company’s headquarters after it missed payment to companies and creditors.
The second significant demonstrations organized by Evergrande investors in Shenzhen since 2022 took place last year.
According to people with knowledge of the plan, they were organized to adhere to the official channels for filing complaints in order to prevent provoking authorities.
According to those who participated in three distinct Shenzhen initiatives, more than 500 former Evergrande investors have partnered with them.
A group went to an investigation bureau in the Evergrande headquarters on Monday ( Nov 25 ). On Tuesday, another party queued at the city’s financial crimes commission. On Wednesday, a second party went to a town judge.
According to those involved, the goal was to have the investors walk into those federal buildings one-by-one in a way that neither resembled a public protest nor sounded like the police would crack down on them.
The total number of people involved was never confirmed by Reuters. On Monday, a Reuters writer witnessed dozens of people gathering near the court on Wednesday and dozens of others gathering outside the analysis commission.
A group of investors was merely given the meeting place and time for the action on the day itself, according to the individuals. Over the past two decades, the Evergrande buyers have communicated via WeChat in smaller groups.
” We need to be low status and speak one-on-one, then we’ll become shut down”, one of the individuals told Reuters.
Evergrande, Shenzhen officers, which oversees the investigation departments visited by the investors, and the town judge did not immediately respond to post requests.